Spot gold traded at $1,638.30 an ounce in early Asian trading on Thursday. Gold ended the session with a mild choppy retreat to settle at $1,636.90 an ounce, still under pressure and recovering slightly from session lows.
Meanwhile, COMEX April gold futures closed down $1.40, or 0.09 percent, at $1,643 an ounce.
Gold was volatile in the previous session as a return of investor risk appetite hit demand for safe-haven assets such as gold and sent U.S. stocks higher. The dollar’s rise also damped the appeal of precious metals.
Meanwhile, gold prices in the previous session weighed the impact of the new pneumonia outbreak on the global economy and the potential for major central Banks to act as they digested the unexpected outcome of the U.S. presidential election.
George Gero, managing director at RBC Wealth Management in Toronto, said strong equity markets and a strong dollar were holding gold back. On the other hand, investor concerns continue to lend support to gold’s underperformance.
According to a recent article by Economies.com, if gold next falls below $1,633.60 an ounce, that will put negative pressure on gold, with a target of $1,599.10 an ounce, and then try again. Gold is expected to be supported at $1,630.00 an ounce, with resistance from the $1,670.00 level.
Another princess cruise ship has been diverted
In The latest twist on The epidemic, Carnival Corp. ‘s (CCL) Grand Princess reported new coronavirus in passengers. Gov. jay Newsom said late Wednesday that the ship wouldn’t be allowed to dock until state officials had properly assessed passengers and ships. The ship stopped in Mexico en route to Hawaii and has been ordered to return to the port of San Francisco. The ship can accommodate 2,600 guests and 1,150 crew members.
Carnival’s princess cruises said it had ordered its princess supreme to change course from Mexico after California’s first death from a pneumonia outbreak earlier this month. This is a blow to the company, which has just seen a spate of passengers on another of its ships, the diamond princess, contract the virus during quarantine at a Japanese port.
A total of 10566 cases of new coronary pneumonia have been confirmed in 72 countries outside China, with 166 deaths, according to the world health organization (WHO) ‘s latest daily report on the condition of new coronary pneumonia released Tuesday. Compared with the previous day’s report, there were 1,792 new cases of coronary pneumonia outside China, and 8 new cases of coronary pneumonia occurred in eight countries (Andorra, Jordan, Latvia, Morocco, Portugal, Saudi Arabia, Senegal, and Tunisia).
California is the latest state to declare a state of emergency
On the evening of March 4, the governor of California declared a state of emergency in response to a new outbreak of the coronavirus, becoming the third U.S. state to do so after Washington and Florida.
California governor jerry Newsom has declared a state of emergency, fox news reported. Just hours earlier, the state confirmed its first death from a new case of coronary pneumonia.
There are now 53 confirmed cases in California, and health officials are observing 9,400 residents, Newsom said at a news conference.
Local health officials in California have reported the state’s first new death from coronary pneumonia, the first death outside Washington state, bringing the death toll to at least 11.
It was reported that the new coronavirus death case in California was diagnosed with the new coronavirus on the 3rd and died of severe illness on the 4th.
The United States has confirmed 158 new cases of coronary pneumonia, according to data released by the centers for disease control and prevention and state governments, according to CNN.
Todd Horwitz, the chief market strategist at BubbaTrading.com, wrote: ‘the market has been in a frenzy, the stock market is all congested, grain and meat prices seem to be bottoming out, and metal prices are diverging.’ All products are in massive congestion mode, trying to break in one direction or another.
“Gold has been a crazy trade,” Horwitz said. “we are going long and we will continue to be blank silver and platinum.” Earlier in the day, gold had already experienced a rally from low to high. This could be a recovery from the rally we saw before Friday’s crash. It appeared to be a relief rally as democratic candidate Bernie sanders was soundly defeated on super Tuesday.